SANTA CLARA, Calif.--(BUSINESS WIRE)--Santa Clara University’s Miller Center for Social Entrepreneurship and impact lender Beneficial Returns announced the creation of the Truss Fund, designed to support social enterprises with emergency funding, in response to the devastating impact of the COVID-19 pandemic.
The Truss Fund will administer a total of $1 million to selected social enterprises that are alumni of Miller Center’s Global Social Benefit Institute (GSBI®), a network of more than 1,000 social enterprises around the world. These funds are intended to help “tide over” social enterprises as they work to resume normal operations.
“We designed the Truss Fund for enterprises that have been especially hard-hit by COVID-19, and are providing emergency loans of up to $100,000,” said Ted Levinson, CEO of Beneficial Returns. “Our partnership with Miller Center reflects our shared objective to drive solutions to end global poverty and protect the planet, and social enterprises are on the front lines of that effort.”
Already, three organizations have been identified to receive funding. Pollinate empowers women entrepreneurs to distribute products that improve health for the most neglected communities in India and Nepal through a door-to-door last mile distribution network, and will receive $100,000. iKure delivers primary healthcare, wellness and prevention services to under-served communities in India, and has been awarded $80,000. A $50,000 loan will also be made to Limited Resource Teacher Training (LRTT), serving teachers in Africa, Asia, and the Caribbean.
Potential applicants can get more information and apply here.
“We are very grateful to the limited partners of the Truss Fund and to Beneficial Returns for their leadership during this unprecedented crisis, as we all work to help social entrepreneurs navigate the significant challenges imposed by COVID-19,” said Pamela Roussos, chief community officer, Miller Center for Social Entrepreneurship.
Miller Center is offering a wide range of crisis management resources as part of its outreach and commitment to the social entrepreneurship community worldwide. These include a six-part Crisis Business Plan program; webinars curated by Miller Center’s Silicon Valley mentors, executive fellows and partner experts on topics ranging from crisis management cash flow to business plan pivoting; and links to resources on business resilience and disaster recovery. A full suite of materials can be found here.
About Miller Center for Social Entrepreneurship
Miller Center for Social Entrepreneurship has accelerated more than 1,000 social enterprises since 2003, leveraging our location in the heart of Silicon Valley and our Jesuit ambition to end poverty and protect the planet. These collectively have improved, transformed, or saved the lives of over 400 million people in 100 countries. We also help transform social ministries to more sustainable social enterprise models and engage Santa Clara University students in field research to support social entrepreneurs.
About Beneficial Returns
Beneficial Returns is a debt fund that provides capital asset financing to leading social enterprises that eliminate poverty and protect the natural environment. We bridge the gap between investors and social enterprises who are in the best position to solve society’s biggest challenges, but find it most difficult to secure long-term funding. Beneficial Returns borrows its loan capital from family foundations, donor advised funds and faith-based communities.
About Santa Clara University
Santa Clara University is a private Jesuit, Catholic University in the epicenter of Silicon Valley, infusing ethics and social consciousness into a rigorous cross-disciplinary education for its nearly 9,000 undergraduate and graduate students.